Ponmo Consumption Contributing To Nigeria FX Crisis- Former Akwa Ibom Gov 

Former Akwa Ibom State Governor, Victor Attah lamented Nigeria’s Foreign exchange (FX) crisis caused by cowhide (Ponmo) consumption instead of exporting.

In a thought-provoking speech at the 2024 Institute of Certified Sales Professionals investiture ceremony, he spotlighted Nigeria’s overlooked potential for foreign exchange earnings. He pinpointed a significant factor contributing to the country’s decline in global trade – the burgeoning appetite for ‘ponmo’ consumption, particularly cowhide.

Attah’s words echoed a sentiment of lost opportunity, as he remarked, “Our decline from one of the major foreign exchange earners in the world to where we are today started from when we began to consume animal skins – which we hitherto exported.”

The ex-governor elaborated on Nigeria’s historic prowess in the natural leather trade, highlighting how the country once led the pack alongside global giants like China, Italy, and India. However, the shift in focus from exporting hides and skins to domestic consumption dealt a severe blow to Nigeria’s international trade standing.

He lamented, “As it is often said, ‘you can’t eat your cake and have it,’ Nigerians are discovering that we can’t eat ponmo and earn foreign exchange from natural leather.”

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Attah didn’t merely dwell on past missteps but also presented missed opportunities for diversifying Nigeria’s exports. He recalled proposing the idea of promoting cocoa consumption in China, a nation with a vast population to avert the fx crisis. However, he noted the lack of follow-through on such initiatives, leading to a stagnation in cocoa production and quality.

Moreover, Attah didn’t shy away from addressing recent challenges, particularly the fallout from the contentious 2023 elections. He emphasized how the tarnished image resulting from electoral irregularities and institutional weaknesses further hindered Nigeria’s attractiveness to investors.

“The circumstances and conduct of the 2023 elections caused serious damage to the character of our President, our electoral process, and our judiciary,” he remarked, underscoring the uphill battle of selling a damaged product in a competitive global market.

Nevertheless, Attah remained optimistic about Nigeria’s potential on the international stage. He stressed the importance of training salespersons and instilling patriotism to effectively showcase Nigeria’s offerings. Drawing from his experience as a pineapple farmer and exporter, he emphasized the significance of delivering top-quality products to captivate foreign markets.

In conclusion, Attah rallied for a collective effort to rejuvenate Nigeria’s image and capitalize on its strengths. “Can we sell Nigeria to the outside world, post-2023 elections? My answer, without a doubt, is definitely yes,” he affirmed, calling for national unity, core values, and confidence in confronting global challenges.

Victor Attah’s insights shed light on Nigeria’s past failings and future potential, urging stakeholders to seize opportunities and rebuild the nation’s standing in the global arena.